The New State Pension - are you a winner or a loser?

  • 2nd December 2019

The new State Pension is a regular payment from the Government that you can claim at State Pension age if you have at least ten years’ National Insurance (NI) contributions and are a man born on or after 6 April 1951, or a woman born on or after 6 April 1953.

The full amount for the new State Pension is £168.60 per week (2019/20), depending on your NI record. If you’ve 35 years + of NI contributions, you’ll get the full amount; between 10 and 34 years of contributions, you’ll receive a proportion of the pension; and less than ten years of NI contributions, you aren’t eligible.


  • Go online or contact DWP for an up-to-date State Pension forecast. DWP will use your NI record under old and new State Pension rules
  • Your ‘starting amount’ can be less than, more than or equal to the new full State Pension
  • Consider paying voluntary NI contributions if there are gaps in your records (only usually go back six years)
  • There’s no benefit in paying voluntary NI contributions if you’ve built up 30 years under the old system before April 2016
  • Ensure you’ve claimed credits for periods where you’ve not worked, eg, when unemployed or looking after children. This should happen automatically.
  • You can claim for NI credits if you’re caring for parents or grandchildren
  • If you’ve been contracted out for any period before April 2016, you’ll have paid lower NI and therefore receive a smaller State Pension.

The State Pension can be a minefield. Remember, it’s only there to provide a basic standard of living when you retire.


We can help you put a plan in place for the future you want – and as time rolls by, you’ll keep receiving professional advice and solutions to meet your changing needs. To find out more contact us or visit our pensions page

Forrester Boyd Wealth Management Limited is authorised and regulated by the Financial Conduct Authority under reference 531632.The information is for general purposes only and may be subject to change in subsequent Finance Acts.

Any news or resources within this section should not be relied upon with regards to figures or data referred to as legislative and policy changes may have occurred.

Information contained within this article is not a personal recommendation of Forrester Boyd Wealth Management. The wording in this article is not to be construed as an offer or advice. We recommend you seek advice concerning suitability from your investment adviser.